Tax Bills Likely to Increase $80 on Average Next Year for Braintree Homeowners
The Braintree Town Council will take up the FY2013 tax levy at its meeting Tuesday night.
Since 1986, Braintree has shifted a portion of its tax levy from residential properties to business, saving homeowners money while extracting extra value from its growing commercial base.
That shift will save residential owners in Braintree more than $3 per $1,000 of property value in fiscal year 2013 if the Town Council on Tuesday approves a proposal from the Mayor and Board of Assessors.
The average residential bill will increase $80 next year under the proposal, depending on fluctuations in property value. Braintree's residential rate, one of the lowest in the area, will go from $10.45 per thousand this year to $11.11 per thousand in 2013. Without the tax classification shift, the rate would hit $14.47 per thousand.
Last year, homeowners saw an average uptick of $134. It was a particularly large increase, Chief of Staff Peter Morin said, because residential values went up and commercial saw a decrease.
Since Braintree's change in form of government, the average increase has been $85.79, compared to $143.25 per year over the previous four years.
"We're offering a very competitive tax bill for the level of services that are offered," Morin said.
The average residential value declined from $345,588 to $332,224.35, based on valuation information gathered in January 2011. Both residential and commercial property have seen increases in the months since, Morin said.
Braintree's commercial/industrial tax rate will increase from $23.65 to $25.45 if the proposal moves forward. The average projected increase will be $3,672, resulting in an average bill of $44,317.
The average residential bill next year will be $3,691. It would be $4,807 without the tax shift. Morin said that placing more of the tax burden on businesses has not impacted development. The last five years have been an "unprecedented" time for growth in the history of the town, he said.
Members of the Committee on Ways & Means voted unanimously in favor of the proposal Monday night. The full council will examine the levy, and an increase in income and asset levels for senior citizen property tax exemptions, at Town Hall on Tuesday at 7:30 p.m.